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New FinCEN Rules

In: A History of Digital Currency in the United States

Author

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  • P. Carl Mullan

    (Digital Currency Intelligence Authority Ltd.)

Abstract

In July 2011, the Financial Crimes Enforcement Network (FinCEN) issued two final rules that amended Bank Secrecy Act Regulations and directly affected digital currency businesses operating in the USA. The “Prepaid Access Rule”—Definitions and Other Regulations Relating to Prepaid Access—amended the money services businesses (MSBs) rules and established a more comprehensive regulatory approach for prepaid access formerly known as “stored value.” This new rule moved most digital currency companies into the new Prepaid Access category of regulated financial products. The “MSB Rule”—Definitions and Other Regulations Relating to Money Services Businesses—more clearly defines operations which qualify as MSBs. This rule also compelled foreign-located digital currency companies engaged with US customers to comply with US regulations or withdraw from the American market.

Suggested Citation

  • P. Carl Mullan, 2016. "New FinCEN Rules," Palgrave Advances in Economics of Innovation and Technology, in: A History of Digital Currency in the United States, chapter 0, pages 261-272, Palgrave Macmillan.
    • Handle: RePEc:pal:paiecp:978-1-137-56870-0_11
    DOI: 10.1057/978-1-137-56870-0_11
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